Income Tax : Understand the interplay between Section 194Q and Section 206C(1H) of the IT Act, detailing TDS and TCS obligations on high-value ...
Income Tax : Understand TDS on Purchase of Goods (Section 194Q) and TCS on Sale of Goods (Section 206C(1H)). Learn their applicability, rates, ...
Income Tax : Understand whether TCS u/s 206C(1H) or TDS u/s 194Q of the Income Tax Act applies to sales/purchases above 50 lakhs in India with ...
Income Tax : Demystify Section 194Q for TDS on goods purchase in India. Learn about deductor, rates, exemptions, time of deduction, and implica...
Income Tax : Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Ea...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Read the detailed analysis of Kanjula Rajagopal Reddy Firm vs. ITO case by ITAT Vishakhapatnam regarding TCS credit eligibility un...
Income Tax : According to the learned counsel for the petitioner, the Income Tax Department has clarified the newly introduced provision of Sec...
Income Tax : Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the I...
Income Tax : Central Government hereby specifies that no TDS shall be deducted under section 194Q in case of transfer of goods by Air India Lim...
Income Tax : CBDT releases Guidelines under section 194Q of Income-tax Act, 1961 vide Circular No. 13 of 2021 | Dated: 30th June, 2021. Section...
Article contains Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & TCS and Comparison Of 206AB & 206CCA of Income Tax Act, 1961 – For Higher TDS/TCS Rates -In Case of Non-Filers of Returns. Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & […]
Practical FAQs on applicability of TDS under section 194Q & TCS under section 206C(1H) w.e.f. 1st July 2021 Sub-section (1H) was inserted in Section 206C by Finance Act, 2020 for collection of tax at source (TCS) by the seller on sale of any goods and was made operative with effect from 1st October 2020. On […]
1. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 for deduction of tax at source in case of purchase of goods. The Central Board of Direct Taxes (CBDT) vide circular No. 13 dated 30 June 2021 has issued the guidelines in respect of TDS under Section 194Q of the Income […]
Understand the guidelines under Section 194Q of the Income Tax Act 1961. Learn about the applicable rate of TDS and conditions for deduction.
Introduction: Finance act, 2021 has introduced a new section 194Q w.e.f. 01.07.2021 which requires a specified buyer to deduct TDS w.r.t. purchase of goods from a resident seller. Who is liable to Deduction TDS: The buyer is responsible to pay a sum or Rs. 50 lacs or more for purchase of goods shall be liable […]
Summary of the Circular No. 13 of 2021 dated 30th June, 2021 regarding Section 194Q After the introduction of sub section (IH) of section 206C levying collection of TCS on sales above prescribed limits by specified seller w.e.f from 01.10.2021 the Central Board of Direct Taxes hereby brings another section for widening the scope of […]
READY REFERENCE GUIDE: TDS ON PURCHASE OF GOODS (SECTION 194Q) Applicability: -W.e.f. 1st July, 2021; -On aggregate value of purchase exceeding Rs. 50 lakhs from a single seller in a F.Y.; -To buyer whose turnover from business exceeds Rs. 10 Crs. during preceding F.Y. i.e. excluding GST; and -Only on purchase of Goods. Non-Applicability: TDS […]
Second Quarter of FY 2021-22 has started today and industry is still facing lack of understanding on new sections of 194Q, 206AB and 206CCA Finance Act 2021 has inserted 3 new sections applicable from 1st July 2021 1. Section 194Q- Tax withholding on purchase of goods 2. Section 206AB and Section 206CCA – Special provision […]
Clarifications on TDS under Section 194Q of Income Tax Act, 1961 As per Section 194Q of Income Tax Act, 1961, buyer a) purchasing any goods in value exceeding Rs. 50,00,000/– in a financial year & b) having his turnover from business or profession in excess of Rs. 10 crores, in immediately preceding financial year, c) […]
CBDT issues clarification on section 194Q and interplay of Section 194Q, 206C(1H) AND 194O vide Circular No. 13 of 2021-Income Tax | Dated: 30/06/2021 Thought the clarifications are welcome but are issued at 11th hour. Just to recall, when the TCS provisions u/s 206C(1H) were made applicable from 01st October 2020, similar clarifications were issued […]
